GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.21% against the USD and closed at 1.3093.
Macroeconomic news indicated that UK’s BRC like-for-like retail sales across all sectors unexpectedly dropped 0.2% on a yearly basis in September, defying market consensus for an advance of 0.1%. Retail sales across all sectors had recorded a rise of 0.2% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3094, with the GBP trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3041, and a fall through could take it to the next support level of 1.2988. The pair is expected to find its first resistance at 1.3134, and a rise through could take it to the next resistance level of 1.3174.
Amid lack of economic releases in the UK today, traders would focus on global macroeconomic events for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
